
	As of March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities		Short-Term Investments
Cash	$	95,886	$	—	$	—	$	95,886	$	95,886	$	—	$	—

Level 1:
Money market funds	558,249		—		—		558,249		558,249		—		—
U.S. Treasury bills	205,498		23		(9)		205,512		82,350		—		123,162
Marketable securities	90,000		84,870		—		174,870		—		174,870		—
Agency bonds	86,477		—		(21)		86,456		69,401		—		17,055
U.S. Government bonds	18,434		1		(3)		18,432		—		—		18,432
Subtotal	958,658		84,894		(33)		1,043,519		710,000		174,870		158,649
Level 2:
Term deposits	742,415		—		—		742,415		157,415		—		585,000
Corporate bonds	346,150		32		(173)		346,009		88,066		—		257,943
Commercial paper	139,209		—		—		139,209		41,571		—		97,638
Subtotal	1,227,774		32		(173)		1,227,633		287,052		—		940,581
Total	$	2,282,318	$	84,926	$	(206)	$	2,367,038	$	1,092,938	$	174,870	$	1,099,230

As of March 31, 2025, we had $515.4 million of available-for-sale debt investments with unrealized losses, of which none have been in a continuous unrealized loss position for 12 months or longer. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.

Acquired common stock is recorded as marketable securities in the consolidated balance sheets and its fair value is adjusted every reporting period. Changes in fair value are recorded in the consolidated statements of operations as unrealized gain (or loss) on marketable securities, which is included in other income, net. During the three months ended March 31, 2025, we recorded an unrealized loss on marketable securities of $23.4 million. We recorded an unrealized gain on marketable securities of $21.8 million for the same period in the prior year.


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities		Short-Term Investments
Cash	$	94,919	$	—	$	—	$	94,919	$	94,919	$	—	$	—

Level 1:
Money market funds	322,874		—		—		322,874		322,874		—		—
Marketable securities	90,000		108,270		—		198,270		—		198,270		—
U.S. Government bonds	75,994		7		(5)		75,996		—		—		75,996
U.S. Treasury bills	14,431		25		—		14,456		—		—		14,456
Agency bonds	996		—		—		996		—		—		996
Subtotal	504,295		108,302		(5)		612,592		322,874		198,270		91,448
Level 2:
Term deposits	136,480		—		—		136,480		11,480		—		125,000
Corporate bonds	122,018		10		(63)		121,965		24,075		—		97,890
Commercial paper	20,393		—		—		20,393		1,496		—		18,897
Subtotal	278,891		10		(63)		278,838		37,051		—		241,787
Total	$	878,105	$	108,312	$	(68)	$	986,349	$	454,844	$	198,270	$	333,235

As of December 31, 2024, we had $136.7 million of available-for-sale investments with unrealized losses, of which none have been in a continuous unrealized loss position for 12 months or longer. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.